The Group reported operating revenue, including other income and income from
sale of shares, of MNOK 8,682 in Q2 2026, down from MNOK 10,065 in Q2 2025.
Adjusted EBITDA was MNOK 1,156 in the quarter, against MNOK 1,311 in the same
period last year. Adjusted EBIT was MNOK 572 in the quarter (Q2 2025: MNOK 767).
The decrease in revenue and earnings is explained, among other factors, by a
lower volume of salmon slaughtered, coupled with lower price realisation for
trout. In Peru, the first fishing season has been suspended since late April,
with only 25% of the total national quota harvested. Austral caught 20% of its
seasonal quota, which significantly impacted Austral Group's revenue and
earnings in the quarter.
Scottish Sea Farms Ltd (Norskott Havbruk AS) and Pelagia are the Group's two
largest joint ventures. Income from associates before fair value adjustment
related to biological assets in the quarter totalled MNOK -12 (Q2 2025: MNOK
-46). The equivalent figure including fair value adjustment of biological assets
was MNOK -131 (Q2 2025: MNOK -13). Scottish Sea Farms harvested 8,144 GWT this
quarter, down 30% from the same period last year. Underlying operations
improved, with operational EBIT before fair value adjustments turning positive
at MNOK 8 this quarter, compared to a loss of MNOK -28 in the same period last
year. Please refer to Note 5 in this report and the Q2 2026 presentation.
As normal, seasonal activity for Pelagia is lower in the second quarter than in
the first. Income from Pelagia improved markedly compared with Q2 2025, driven
by higher prices and sales volumes for fishmeal and fish oil (FEED) and stronger
earnings in the HEALTH segment, partly offset by lower consumer-product (FOOD)
activity following reduced quotas for key species. Pelagia's share of net profit
was MNOK -11 in the quarter (Q2 2025: MNOK -47). Further information is
available under the operational review of segments section in this report and in
the Q2 2026 presentation.
Adjusted EBIT including income from associates was MNOK 440 in the quarter,
against MNOK 754 in the same period last year.
Operating profit after fair value adjustment of biological assets and other
income and expenses totalled MNOK -484 in the quarter (Q2 2025: MNOK 128). Fair
value adjustment related to biological assets was MNOK -889, compared with MNOK
-513 in Q2 2025.
The Group's net interest expense was MNOK 164 (Q2 2025: MNOK 155). Net other
financial items totalled MNOK 25. The equivalent figure in 2025 was MNOK 42.
Profit before tax was MNOK -623 in the quarter (Q2 2025: MNOK 14), and profit
after tax in Q2 2026 was MNOK -254, against MNOK 106 in Q2 2025. The change is
partly driven by non-cash fair value adjustments of biological assets.
Following the introduction of the resource rent tax on sea-based salmon and
trout production in 2023, the Group strives to achieve tax symmetry. The Group
is of the opinion that expenses linked to the opening biomass balance at the
time the resource rent tax regime was implemented must form part of the regime's
tax base. The Group has therefore changed the historical tax returns for some of
its companies, as described in the Annual Report 2024. In Q2 2026, the Group
revised the returns of another resource rent tax liable company to reflect the
cost of the opening biomass. The Tax Authorities' view is that no deduction will
be approved.
For further information please see attached report and presentation.
Questions and comments may be addressed to the company's CEO, Arne Møgster, or
to CFO, Britt Kathrine Drivenes.
This information is subject of the disclosure requirements acc. to Section 5-12
vphl (Norwegian Securities Trading Act).
of the disclosure requirements acc. to Section 5-12\
vphl (Norwegian Securities Trading Act).\